On January 1, Beckman, Inc., acquires 60 percent of the outstanding stock of Calvin for $64,788....

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On January 1, Beckman, Inc., acquires 60 percent of the outstanding stock of Calvin for $64,788. Calvin Co. has one recorded asset, a specialized production machine with a book value of $14,900 and no liabilities. The fair value of the machine is $94,900, and the remaining useful life is estimated to be 10 years. Any remaining excess fair value is attributable to an unrecorded process trade secret with an estimated future life of 4 years. Calvin's total acquisition date fair value is $107,980. At the end of the year, Calvin reports the following in its financial statements: Revenues Expenses Net income Dividends paid $ 61,050 23,400 $37,650 $5,000 Machine Other assets Total assets Noncontrolling interest in subsidiary income Total noncontrolling interest Calvin's machine (net accumulated depreciation) Process trade secret. $ 13,410 34, 140 $ 47,550 Amount Common stock Retained earnings Total equity Determine the amounts that Beckman should report in its year-end consolidated financial statements for noncontrolling interest in subsidiary income, noncontrolling interest, Calvin's machine (net of accumulated depreciation), and the process trade secret. $ 14,900 32,650 $ 47,550 On January 1, Beckman, Inc., acquires 60 percent of the outstanding stock of Calvin for $64,788. Calvin Co. has one recorded asset, a specialized production machine with a book value of $14,900 and no liabilities. The fair value of the machine is $94,900, and the remaining useful life is estimated to be 10 years. Any remaining excess fair value is attributable to an unrecorded process trade secret with an estimated future life of 4 years. Calvin's total acquisition date fair value is $107,980. At the end of the year, Calvin reports the following in its financial statements: Revenues Expenses Net income Dividends paid $ 61,050 23,400 $37,650 $5,000 Machine Other assets Total assets Noncontrolling interest in subsidiary income Total noncontrolling interest Calvin's machine (net accumulated depreciation) Process trade secret. $ 13,410 34, 140 $ 47,550 Amount Common stock Retained earnings Total equity Determine the amounts that Beckman should report in its year-end consolidated financial statements for noncontrolling interest in subsidiary income, noncontrolling interest, Calvin's machine (net of accumulated depreciation), and the process trade secret. $ 14,900 32,650 $ 47,550

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I Noncontrolling interest is the part or share of a subsidiary company stock not owned by the parent ... View the full answer